Neil Mitchell, a broadcaster for 3AW, conducted an interview with Shayne Elliott, the chief executive of ANZ Bank. The discussion revolved around the current economic climate and its implications on businesses and individuals.
Elliott acknowledged the challenging times but expressed a belief in resilience and adaptability. "We're all getting used to being agile," he said, emphasizing that businesses are continuing their operations despite the difficulties. He also noted that some companies might not survive the crisis, but pointed out that economic history shows periods of significant change often lead to innovation.
Elliott mentioned several trends accelerating due to the pandemic, such as digital transactions and remote work. "These sort of casualties... that's dreadful," he admitted, adding that it's crucial to protect those most affected. However, he sees these changes as potentially beneficial for Australia's long-term productivity.
Mitchell questioned whether this situation could ultimately be positive for the economy. Elliott responded optimistically: "This is a great opportunity in many ways for the economy to reimagine." He highlighted how past crises have spurred major innovations and companies like Microsoft and Amazon emerged during tough times.
The conversation touched on Victoria's specific challenges due to recent restrictions. Elliott recognized that Victoria faces greater costs compared to other states but remained hopeful about recovery if measures prove effective over time.
On banking operations during lockdowns, Elliott explained adjustments made by ANZ Bank such as temporarily closing branches with low foot traffic and considering reduced hours where necessary. Despite these changes, 91% of transactions remain electronic.
Regarding his personal working arrangements amid lockdowns affecting Melbourne offices significantly; Elliot confirmed he's been working from home recently while ensuring staff safety remains paramount: “We still think there's value in getting people together.”
In response to concerns about potential deferrals or relocations outside Victoria following increased cases within Australia’s financial sector workforce - including among ANZ employees - Elliot assured listeners no head office moves were planned nor widespread workplace transmissions reported thus far despite isolated infections occurring domestically instead elsewhere globally since COVID-19 began spreading last year